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AAPL Stock: 562.29 ( -3.03 )

Apple down 2.7% despite Goldman upgrade

updated 05:25 pm EDT, Thu October 11, 2007

AAPL down nearly 3%


Shares of Apple Inc. today fell 4.5 points (or 2.73%) after a sharp spike brought the company above $170 this morning. Apple shares plummeted in spite of an increase in anticipated earnings this quarter projected by well-known research firm Goldman Sachs, which raised its price target from $165 to $190 based on "across the board strength" in Macs. Goldman analyst David Bailey says Apple's thriving Mac business should bolster revenue as well as gross margin and earnings above Wall Street estimates for the company's fiscal fourth quarter -- which the company says will discuss via a conference call on October 22nd. [updated]

Apple shares cracked the $170 mark this morning after Goldman's upgrade reached the ears of investors, but later tumbled as investors cashed in on the company's lofty gains. MarketWatch attributes the selloff to profit-taking on stocks that have seen recent gains, which include Apple as well as Google and VMware, among others.


by MacNN Staff

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  1. gambit23

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    Joined: Nov 2004

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    10/11, 05:51pm | report spam | Reply |

    Is it me....?

    Is it me, or does anyone else notice the bizarre pattern that is currently inflicting Apple? Every time something positive is published about Apple, APPL takes a beating. But, if there's nothing much said, the stock goes up.

    Is that just me?

  1. jarod

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    10/11, 05:55pm | report spam | Reply |

    No its not you

    It's the pigs known as financial institutions that dump the stock knowing that the scare is going to spread to morons that follow and sell. Then they buy back all the shares at a nice discount and when it does go back up, they obviously make more money. This illegal bullshit is very common and popular esp. with sure shot companies like AAPL. Hence, with experience, you learn to ignore such drops. But there lots of out there that keep on learning the hard way ;-)

  1. Peter Bonte

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    10/11, 06:00pm | report spam | Reply |

    $170

    I think the $170 price triggered a lot of profit taking and the $160 that followed attracted the bargain hunters. Nothing special or something to worry about.

  1. ZinkDifferent

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    Joined: Jan 2005

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    10/11, 07:50pm | report spam | Reply |

    normal pattern...

    When good news hit, the stock spikes a tiny bit, at which point investors sell shares, and take profits -- then wait on picking it up on the lower end.

    They do this mostly as the investors know that the news is good, and it will drive the stock up again, thus benefiting everyone. It's the way the game is played.

    jarod, in his special way, explained it as well - still, no reason to call them pigs. If you hold a million shares, and you know selling off 40% during such a period allows you to buy it back at $10 less, well, why not?

    As you said, it's the morons that panic and sell that are the true idiots. I just sit back, smile, and watch my AAPL increase over time. When you buy stocks, you MUST do so with a long term outlook, or else you will always be a loser.

  1. maybesew

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    10/11, 07:55pm | report spam | Reply |

    attn: editor

    Those are not points. Those are dollars. If it were the Dow index, or the S&P 500 Index then it would be points. Individual stocks are traded in dollars, not points. That's why people want them to go up. You don't buy things with points.

  1. njfuzzy

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    10/11, 09:49pm | report spam | Reply |

    Woohoo!

    This worked out well for me. I sold out yesterday at $167.50, and bought back in today for under $160. Netted myself a few free shares.

  1. testudo

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    10/11, 10:13pm | report spam | Reply |

    jarod

    It's the pigs known as financial institutions that dump the stock knowing that the scare is going to spread to morons that follow and sell. Then they buy back all the shares at a nice discount and when it does go back up, they obviously make more money. This illegal bullshit is very common and popular esp. with sure shot companies like AAPL. Hence, with experience, you learn to ignore such drops. But there lots of out there that keep on learning the hard way ;-)

    there is nothing illegal about selling or buying stock. It would be unethical (and possibly illegal) to say the stock should be sold, watch it sell, then buy it up cheaper. But its hard to see that here, since the rating was that it would go up.

    And why do you think all investors are such idiots that they sell at these points? Maybe they're following the leads as well and taking profit and then buying lower.

  1. maybesew

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    10/11, 10:43pm | report spam | Reply |

    @njfuzzy

    minus the share that uncle sam takes, you lose out. buy and hold.

  1. neuonyx

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    Joined: Mar 2007

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    10/12, 07:35am | report spam | Reply |

    These reports are insane

    This 'plummet' of almost 3 points occurred after a couple weeks of massive gains for the company, and is hardly anything to comment about. Moreover, the entire market fell a couple points, so it seems to be normal market fluctuations and not just apple. You cant analyze stock changes for one company without considering the bigger picture (the whole market itself).

  1. dliup

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    Joined: Jan 2006

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    10/12, 08:15am | report spam | Reply |

    it's the market stupid

    Look at Dow Jones, Nasdaq, and S&P 500. They all have the drop right around 2pm. Apple followed the same pattern due to an OVERALL SELLOFF in the whole market.

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